Many people assume a will is something to worry about later in life. But a will is simply a set of instructions for what happens to your property and, more importantly, to the people who depend on you. Here are five signs it is time to put one in place.
1. You have minor children
A will is the only place you can nominate a guardian for your children. Without one, a court decides who raises them, and the outcome may not match your wishes.
2. You own a home or real estate
Real property almost always passes through probate unless you have planned otherwise. A clear will, and often a trust, keeps that transfer orderly and reduces the chance of a family dispute.
3. You have specific wishes
If you want a particular heirloom to go to a particular person, or you want to leave something to a friend or charity, only a written document can make that happen reliably.
- 4. You have assets in more than one account or state and want them coordinated.
- 5. You have experienced a major life change: marriage, divorce, a new child, or a death in the family.
If even one of these describes you, drafting a will is a small step that spares your family significant uncertainty. It is one of the most considerate things you can do for the people you love.
